$4.5 million the renovation will allow residents to enjoy beautiful, affordable homes for years to come
Support services, organized in partnership with community organizations, expand access to health care and improve residents’ quality of life
COVINGTONKy. , August 1, 2022 /PRNewswire/ — Fairstead, a vertically integrated, purpose-driven real estate company committed to sustainability and the creation and preservation of high-quality housing, has joined Town of Covington Mayor Joseph U. Meyer and the Kentucky Housing Corporation to celebrate the completion of a $4.5 million revamp of the settlement apartments with a community day and ribbon cutting. Residents of the 137-unit senior housing complex will benefit from major home upgrades, including new kitchens, bathrooms, cabinets, energy-efficient appliances and lighting, as well as reduced monthly utility bills. Fairstead has also partnered with local organizations to bolster on-site support services at the property, located at 3800 Locke Street in the center Covington, Kentucky.
The comprehensive renovations mark a fresh start for the 43-year-old property. The Community Day celebration brought together residents and community leaders for an afternoon of fun and food in honor of this historic effort. Colony residents had access to free health screenings through community partners and enjoyed local food trucks, a DJ, a magic show and succulent plantings.
“With the help of the Kentucky Housing Corporation and Mayor Joseph MeyerFairstead has been able to preserve affordable housing and provide residents with important social services to improve their quality of life,” said Bobby ByrdManaging Partner, Development at Fairstead. “Affordable housing for seniors has become a valuable resource. We want our seniors to be able to age in place with dignity and live independently for as long as possible. Our work at Colony is a great example of how we are doing across the country.”
“In this chapter of their lives, our oldest residents deserve to live in a place they are proud to call ‘home,’ a place that feels like a community and brings them peace and comfort,” Covington Mayor Joe Meyer said. “The Town of Covington was proud to support Fairstead’s work to improve the physical environment and therefore the living conditions in the Colony apartments here at latonia to make sure this vibrant resort is such a place. Congratulations to all.”
Funding for the Colony apartment rehabilitation came from the Kentucky Housing Corporation, Capital One and Boston Financial.
“Kentucky Housing Corporation was proud to help revitalize Colony apartments by donating $662,000 in low-income housing tax credits and $13.5 million in tax-exempt bonds. This project breathes new life into a 43-year-old building, offering Kenton County residents have access to more affordable, safe and stable housing. We congratulate Fairstead and all partners in this project and look forward to the grand reopening,” said Winston Millerexecutive director and CEO of the Kentucky Housing Corporation.
“It is an exciting milestone to see the renovations completed at Colony Apartments, which will ultimately lead to better outcomes for residents of the community,” said Evan WilliamsSenior Vice President of Agency Funding at Capital One. “Energy savings and ADA compliance upgrades are proof of Fairstead’s commitment to preserving quality affordable housing for the aging population of Covington, Kentucky.”
“Boston Financial is proud to have partnered with Fairstead in the preservation of the Colony Apartments in Covington, Kentucky,” said Steven NapolitanoSenior Vice President, Boston Financial. “Our investment has helped Fairstead upgrade 137 seniors’ housing units, strengthen its community with responsive on-site services, and preserve much-needed affordable housing for future seniors in the area. We believe in Fairstead’s commitment to building vibrant communities across the United States, and our work together reinforces our own vision of creating a future where everyone has a home, one investment at a time.”
Renovations to the 137 apartments included new kitchens and bathrooms with new cabinets, energy-efficient appliances and lighting. Fairstead also replaced all windows, roofs, and HVAC systems, as well as remodeling the community hall and business center. The outdoor space now includes a new gazebo and landscaping improvements such as new trees and plantings. Fairstead has also enhanced security measures on the property by adding new lighting and a state-of-the-art camera system.
Support services improve access to care for residents, including through community events, access to food, civic engagement, educational opportunities, health care, safety, etc. . The property management and social services team on site have developed relationships and programs with a wide range of partner organizations to ensure residents’ needs are met, including the Health Alliance and the Senior Resource Center.
The reopening comes as Fairstead works to complete a $12 million redesign of the nearby Cambridge Square apartment complex in a deal that has also extended the affordability of the property for years to come. The residential community, made up of 200 affordable apartments, includes gut renovations for each home, as well as facade and building system upgrades.
Fairstead is a vertically integrated, goal-oriented real estate developer specializing in creating high quality, sustainable housing. The company’s national footprint includes more than $6 billion in the identified assets and pipeline. With offices at New York, Marylandand Caroline from the south, the Fairstead team manages more than 90 communities across the country and manages its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in accessory technology, design and construction, energy and sustainability, property management, marketing and leasing. The company also administers one of the most proactive community impact programs in the industry to provide on-site support services to residents. For more information, visit www.fairstead.com.